"Without a new, nine-figure investor, nobody is sure what would have happened," a source told Glenn. "You can always tell people their checks are going to be a little late, but how many are going to show up on the weekend for games when they don't see anything hit their bank accounts on Friday?"

Dundon will serve as chairman of the AAF's board of directors, effective immediately, according to the Hurricanes. The nascent league just completed its second weekend of action.

"This was a terrific opportunity for Tom to expand his investment in the sports world," Hurricanes president and general manager Don Waddell said in a release. "The AAF is off to an exciting start as a league and was founded on some truly unique and groundbreaking concepts."